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Pictured is the front of Loughborough University's Hazlerigg building.

Loughborough University helping to drive growth across the UK

The importance of Loughborough University to the economy and employment, both regionally and nationally, has been highlighted by a new report.

The report outlines the impact of the University, its staff and students, and its business engagement activities. It shows that the University contributes approximately £940m to the UK economy and supports 14,400 jobs across the country. This financial impact is defined as Gross Value Added (GVA) - the measure of economic output at the level of an organisation, sector or region.

Analysis also includes the University’s impact at two other levels; the Midlands Engine (West and East Midlands combined) and Leicester and Leicestershire Enterprise Partnership (LLEP) areas. It estimates that the University contributed 11,900 jobs and £720m GVA in the Midlands, and 8,100 jobs and £510m GVA in the LLEP areas.

Loughborough University’s direct impact is quantified by the number of staff it employs (2,800 full-time equivalents) meaning its total direct contribution to GVA is £190m. The economy is further boosted by staff and student spending and also by visits from friends and relatives throughout the academic year. The University also impacts the economy by using external suppliers.

The report looks at the economic impact of the University’s research activities and business collaborations. It also highlights the importance of the Loughborough University Science and Enterprise Park (LUSEP), where it states the total economic impact of the science park equals 4,100 jobs and £270m GVA in the UK.

Combined, these contributions give the University a total GVA impact of £940m. The full impact can be broken down as follows:

 

Leicester and Leicestershire LEP

The Midlands Engine

UK

 

GVA (£m)

Jobs

GVA (£m)

Jobs

GVA (£m)

Jobs

University

190

2,800

190

2,800

190

2,800

External suppliers

5

140

35

650

60

980

University staff

30

460

75

1,200

120

1,700

Students and graduates

96

1,800

172

3,200

260

4,200

Visitors

10

210

15

340

5

140

Business and research collaboration

5

50

10

170

35

500

Science Park

170

2,600

220

3,500

270

4,100

Total

£510m

8,100

£720m

11,900

£940m

14,400

Source: Regeneris Consulting calculations. Numbers are rounded so do not always sum exactly to totals.

The report also estimates that Loughborough graduates will go on to contribute £390m to the UK economy over their working lives, of which £100m will be within the Midlands Engine.

Specialist economic development and regeneration consultancy Regeneris produced the report using data provided by the University for the 2015/16 academic year, together with nationally available information and commonly used multiplier calculations.

Commenting on the findings, Vice-Chancellor Professor Robert Allison said: “This report shows very clearly the vital role the University plays as an anchor institution in the local, regional and national economy.

“Working with a wide range of partners, we are able through excellent research, teaching and enterprise to help create significant economic and social prosperity.”

The full report is available here

Notes for editors

Press release reference number: PR 17/173

Loughborough University is equipped with a live in-house broadcast unit via the Globelynx network. To arrange an interview with one of our experts please contact the press office on 01509 223491. Bookings can be made online via www.globelynx.com

Loughborough is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching, strong links with industry, and unrivalled achievement in sport and its underpinning academic disciplines.

It has been awarded five stars in the independent QS Stars university rating scheme, named the best university in the world to study sports-related subjects in the 2017 QS World University Rankings and top in the country for its student experience in the 2016 THE Student Experience Survey.

Loughborough is in the top 10 of every national league table, being ranked 6th in the Guardian University League Table 2018, 7th in the Times and Sunday Times Good University Guide 2018 and 10th in The UK Complete University Guide 2018. It was also named Sports University of the Year by The Times and Sunday Times Good University Guide 2017.

Loughborough is consistently ranked in the top twenty of UK universities in the Times Higher Education’s ‘table of tables’ and is in the top 10 in England for research intensity. In recognition of its contribution to the sector, Loughborough has been awarded seven Queen's Anniversary Prizes.

The Loughborough University London campus is based on the Queen Elizabeth Olympic Park and offers postgraduate and executive-level education, as well as research and enterprise opportunities. It is home to influential thought leaders, pioneering researchers and creative innovators who provide students with the highest quality of teaching and the very latest in modern thinking.

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Megan Cox

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Telephone: 01509 222224